economy and this moment in the global economy, which i regard as a critical juncture, not for reasons i will be clear on, all together a happy juncture. i have counterintuitive we given a discussion that takes place in washington, chosen to entitle my talk beyond the fiscal cliff. perhaps a chance to return in the discussion to the fiscal cliff. i have chosen to entitle my talk beyond the fiscal cliff to underscore the fact that even if is in the most successful fashion imaginable, we will still have critical problems. it is extraordinarily important that we not fall over the fiscal cliff. if all of the fiscal stimulus currently in training were to be withdrawn, the consequence for the u.s. economy will almost certainly be a recession. consequence to the global economy would almost certainly be a major slowdown and the path to recovery would not be altogether clear. it is essential that we avoid falling over that cliff. equally, it is essential at at some point before too long, the nation put in place a long-term plan in which our debts are measured with our incomes rather than explod